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but continuing with the theme of abundance, we will see the development of an energy surplus because of technological advances in exploiting both oil and natural gas resources, combined with new energy efficiency measures that will greatly reduce u.s. energy use. now the u.s. is now predicted, the international energy agency, predicts the u.s. will be the, will be the number one producer of oil by 2020. it will also be probably close to the top in the producers of natural gas. this will give us the wealth and income, mike lindh mentioned -- lind, mentioned 1 1/2% of gdp, we have 16 to 20 years to make up for the short fall in, in social security and 4 to 5% in medicare. well, the explosion of a moving from a energy deficit to a energy surplus will more than half close that gdp gap. so, we have a economic conditions that suggest that the challenges we face are the exact opposite of what the bowles-simpson grand bargain would impose on us as a growth strategy. the conditions that we're going to face over the next five to eight years with some amelioration if we do the right things are
underutilization of capital i equipment. the one issue we need to face is resource costs and energy prices. that is not a question which is being driven by overuse at the moment, it's being driven by other factors. i'm not as optimistic as stephanie is about the long-term potential path, but is there a trade-off between what we should do to protect our elderly population and to provide adequate medical care to the whole poppation and what we should do to reconstruct our infrastructure and address energy and climate issues? no. we are underperforming on both fronts. >> but there's a -- it's not a budget tear trade-off, it's -- budgetary trade-off, as long as we think revenues can only be this high, then there's a fight among those priorities. we have to accept having higher revenues to pay for the things we want. that softens that trade-off. the entitlements are not, are not a drain on real resources, they're a transfer. but there is a question of public sector investment versus what's going on in the private sector. when we're at full capacity, we have that trade-off. but the issue is, um,
Search Results 0 to 1 of about 2